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tax: Tax consequences of a short sale - 01/05/12 01:22 PM
Did you or someone you know just receive a 1099-C form from their previous mortgage company after a short sale? If you owed more on your house than what you sold it for through a short sale, the excess amount of the loan balance above the sales price may be forgiven by the lender. The forgiven amount is considered cancellation of debt (COD) income for federal income tax purposes. As an example: Your current mortgage balance is $200k. You execute a short sale and sell the house for $150k. You still owe the bank $50k. This $50k may be forgiven by … (5 comments)

tax: Mortgage-interest tax break may face ax - 10/25/10 10:35 AM
 
Mortgage-interest tax break may face ax Bipartisan deficit-cutting panel puts deduction on table By Steve Goldstein, MarketWatch
WASHINGTON (MarketWatch) — The hugely popular mortgage-interest tax deduction could be targeted by a bipartisan commission charged with finding ways to chop the deficit, according to a report published Monday.
The Wall Street Journal reported that the mortgage-interest deduction, child tax credits and payment for health insurance with pretax dollars all could be put in jeopardy by the deficit commission, which is to issue recommendations on balancing the budget by 2015.
The report, citing people familiar with the matter, indicated that these tax … (3 comments)

 

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